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To: Jim Bishop who wrote (8644)	8/31/1999 9:53:00 PM
From: SSP	Respond to of 150070

GAAY - ROTFL - PALM SPRINGS, Calif.--(BUSINESS WIRE)--Aug. 31, 1999--Triangle Broadcasting Company Inc. (OTCBB:GAAY) President Frank Olsen announced his resignation as chief executive officer and president of Triangle Broadcasting Co. Inc. effective immediately. Olsen will remain as a paid consultant. As part of the resignation, Olsen stated that he has agreed to restrict the sale for two years of 10 million shares of the common stock he owns, which represents the majority of his holdings in Triangle Broadcasting Company Inc. Olsen also stated he is in the process of arranging for the retirement of a significant number of shares of Triangle's common stock. Olsen further stated that Triangle is in a perfect position to grow with its equity holdings in Television programming, its growing interactive radio network, ownership in an Internet game business and the Triangle Radio Network's new relationship with Global Media and its E-Commerce solution. "It's time for me to take the next step," Olsen said. "I'll be moving over to become chief executive officer of Triangle Multi-Media, formerly ITHC, a company which focuses on general audiences, and I look forward to the new challenge." Olsen added, however, that it was his intention to push the consolidation of Triangle Broadcasting and Triangle Multi-Media Ltd. "The reason for my change is to find the additional capital necessary to build a gay network combining Television, Radio, and the Internet, keeping in mind that the Simmons Research Report shows a six billion dollar a year disposable income within the gay community. Advertisers such as American Express, IBM, Calvin Klein, and Levi Strauss recognize such a market." The Board of Directors announced that Dick Weiner will become Chairman Pro Tem and assume the office of president until elections are held. Weiner said "It has been a pleasure working with Frank Olsen in forming Triangle into what it is today and I personally wish him great success in his new role at Triangle Multi-Media Ltd. as Triangle Broadcasting will continue to pursue a proposed consolidation with Triangle Multi-Media Ltd." Frank Olsen went on to thank Joseph Pittera and the current management staff for stepping down so that Olsen could set the foundation for a smooth transition for the proposed consolidated entity.